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Equifax: Average Student Loans Outstanding Doubles
Friday, June 28, 2013 6:30 AM

The total of student loans outstanding has doubled since 2008 and balances owed have nearly doubled, according to Equifax’s latest National Consumer Credit Trends Report. The Atlanta-based company said new credit for student loans posted in the first quarter of 2013 hit $15.6 billion -- up more than 20 percent over $12.9 billion for the first quarter of 2012.

The total number of new student loans originated increased just 3.9 percent, from 2.7 million to 2.8 million, Equifax reported.

Other highlights:

  • The average size of a student loan increased more than 11 percent, from $5,618 in March 2012 to $6,242 in March 2013.
  • Among consumers who took out at least one student loan during March 2013, the average total amount borrowed across all loans increased nearly 6 percent from March 2012, from $8,636 to $9,132.
  • The total balance of student loans outstanding increased more than 16 percent from May 2012 to May 2013, from $755 billion to more than $879.1 billion.
  • The total balance of student loan write-offs (including severe derogatory and bankruptcy) year-to-date in May 2013 is $9.3 billion, an increase of 60.3 percent from $5.8 billion in the same period of 2012.
  • From May 2012-2013, the total number of student loans increased nearly 10 percent from more than 115 million to more than 126 million.